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Important Divorce Considerations
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August 11, 2009
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By: Barry Armata
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Children, Property and Debt Division, Cash Flow, Taxes, and Insurance
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Prior to going through a divorce it is a very good idea to understand what the issues that need to be decided are. Generally they fall into 4 categories:
- Children's issues including parenting plans, access, etc.
- Property and debt division
- Family cash flow including child and spousal support [alimony]
- Miscellaneous items such as tax statuses, security for obligations, future conflict resolution
While each marital relationship is unique, many families encounter similar issues that need resolution. The following is a list many items that may need to be dealt with or discussed to bring closure to the dissolution of your marriage. You should review the list to discuss with your attorney what is applicable to you, what some of the ways are others, including the courts, have dealt with them, and what are your thoughts on the same.
1. Children's issues:
- Underage Children
Mandatory parenting education
Parenting specialist
Information about divorce
Counseling
Major decision making - legal custody
Day to day decision making
Child's residence
Primary residence
Residential custody
Shared custody
Split custody
Child's schedule
Visitation
Access
Holidays
Vacations
Parental responsibility plan
Conflict resolution
Parenting phone call
Communications
Extra curricular activities
Child care
Camp
Private school
Tutoring
Special needs
Relocation
Family members
Emergencies
- Adult Children
Living situation
Expenses
Vocational school decisions and expenses
College decisions and expenses
Graduate school decisions and expenses
Educational support order
Life insurance
Medical/dental/vision insurance 2. Property and debt division
- Valuation
Family home
Vacation home
Investment property
Bank accounts
Investment accounts (non retirement)
Retirement funds including pensions, IRAs, cash balance plans, 401(k) plan, 403(b) plans, State Teachers Retirement, non qualified plans
Stocks and bonds
Stock options, warrants, appreciation rights
Restricted stock
Vehicles
Boats
Timeshares
Antiques
Collections
Jewelry
Furniture
Photographs and videos
Heirlooms and keepsakes
Family or closely held business
Inheritances
Gifts
Trusts
Lump sum payments
Installment payments
Debts
Credit cards
Student Loans
Liens
Mortgages
Unsecured debt
Judgments
Pending or anticipated litigation
Assets/accounts for/in name of children
Trademarks, copyrights, patents, royalties 3. Family cash flow including child and spousal support [alimony]
- Child Support
Child support guidelines
Deviation criteria
Medical/dental/vision insurance
Unreimbursed health care expenses
Orthodontia
Child care
Modification/changes
Extra curricular activities
Special needs
Other dependents
Social security
Life insurance
Vehicle related
College prep
Arrearage
- Alimony/Spousal Support
From Husband to Wife
From Wife to Husband
Amount
Duration
Termination
Remarriage
Cohabitation
Modifiability / changes
Lump sum
$1 year
Waiver
Security
Cost of living
Arrearage 3. Miscellaneous
- Taxes
Filing status
Prior returns
Current tax year
Dependency exemptions
Home mortgage interest and property tax deductions
Basis in family home including depreciation
Capital gains tax
Timing of divorce judgment
Exchange of returns/tax information
Refunds
Deficiencies
Tax shelter
Tax credits
Loss carry over
- Other items to consider
Life insurance
Estate planning
Powers of attorney
Legal fees
Professional fees
Social security
Health insurance
COBRA
Post judgment dispute resolution
Restoration of Wife's prior name
Education/retraining for Husband or Wife
Jurisdiction
Bankruptcy
Temporary household expenses
Prenuptial agreements
Related professionals
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